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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I filed and was granted a Chapter 7, there was real estate

Resolved Question:

I filed and was granted a Chapter 7, there was real estate involved. Am I still obligated to trying to short sale the property. I was in the process of doing this prior to filing. Now I am not sure what is involved with the property. Please give me some guidance.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
Is there a HOA involved with the property?
Customer: replied 5 years ago.
No this is a single family dwelling. Also I have tried unsucessfully for going on three years to try to sell it via a short sale. No cooperation from the bank. Now a new realtor is interested and says they have possible buyer. I am so confused as to what to do at this time and if it is still my obligaion to unload the property or is it the banks. This is my problem. Can you advise from here what is my obligation?
Expert:  cfortunato replied 5 years ago.

Your obligation to pay the mortgage was discharged in your Bankruptcy. Therefore, you have no obligation to sell the house - in a short sale or otherwise - as it is now up to the mortgage company to foreclose.

However, since you still own the house and if you are not living in it, it may be a good idea for you to try to short sell the house if this means selling it sooner than it will be foreclosed, because you will remain liable for any negligence that occurs on your property as long as the property belongs to you.


I think this is what you wanted to know. If not, please let me know.
Thank you.



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